Chubu Electric of Japan said that it has reached agreement with INPEX to acquire a 0.735% interest in the Ichthys LNG Project from INPEX group of companies.
The acquisition by Chubu Electric is subject to certain conditions, including Australian government regulatory approvals.
The Ichthys LNG Project Participants will jointly develop the Ichthys field, located in the Browse Basin offshore of Western Australia, for the production of LNG, LPG and condensate.
INPEX is the operator of the Ichthys LNG Project, making it the first Australian LNG project to be operated by a Japanese company.
Under the terms of the sale agreement, Chubu Electric will enter into a joint venture to develop the Ichthys LNG Project through its wholly-owned Australian subsidiaries, Chubu Electric Power Ichthys Pty Ltd and Chubu Electric Power Exploration Pty Ltd.
Chubu Electric will also purchase 490,000 tons of LNG per year over 15 years from the Ichthys LNG Project.
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LNG World News Staff, May 16, 2012; Image: INPEX